Exporting Question iMovie

I resently made a sweet movie for school, we had 2 hours of video, I edited it down to 21 min. I only have 500mb left on my HD so I want to delete the iMovie file. I have already exported it back to my school's DVcam for our presentation. I want to burn a copy of my movie to a CD so a QT Video file under 700mb. Well I exported it to QT under the CD-Rom file size in iMovie. The QT movie is only about 100mb and not that great quality. The next biggest exporting option is Full DV. Will that mean the Full DV QT movie will be as big as the imovie project? Maybe I could export it as full DV to my 10 gig HD then code it to divx to make it under 700mb? Any imput would be great! Thanks!

In the exporting window, select options. There you will see a video bitrate, try bumping that up and it should improve the quality, there are a lot more options there that you should play with and learn what they do. It should solve your problems.

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